2015-08-18

Home Buying Restrictions Imposed in Tongzhou District of Beijng

The policy restricts purchasing to first-time homebuyers who hold a household registration permit for the city, known as the hukou. First-time buyers without hukou are required to have contributed to social security funds or personal income taxes in Tongzhou for a minimum of three years.

Registered Beijing residents are permitted to buy a second home in Tongzhou if they have met the standard set for first-time buyers without hukou.

Data from real estate agency Homelink Real Estate Co. showed that the average price of second-hand housing in the first week in August was 23,806 yuan per square meter in Tongzhou, up 20 percent from the end of April.

Official data showed that 1,593 apartments were sold in Tongzhou from July 1 to 26, hitting a high last measured in 2013. The district has 7,610 unsold apartments, the lowest figure in six years.

Speculation here driven by the government's decision to move government offices into the district.